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International Breweries Gets Listed 13.03.2008
The Nigerian Stock Exchange yesterday listed 1,600,000,000 ordinary shares of 50 kobo each of International Breweries Plc. The shares were listed at the price of N12.54. The listing followed a public offer by the company which ran from 31st August to 28th September, 2007 at the offer price of 87 kobo per share.Read more...
Staco Goes On Suspension for Impending Share Offer 13.03.2008
Fast-growing Nigerian Insurer, Staco Insurance Plc, had its stock placed on technical suspension, Wednesday, by the Nigerian Stock Exchange. This followed the receipt of its application for a share offer, believed to be a combination of rights issue and an offer for subscription. The share price was suspended at N6.82. Indications are that the offer will get to the market by April at the possible offer prices of N5 and N5.50 respectively. Read more...
Daar Communications IPO: Understanding the Offer for Subscription and Offer for Sale 12.03.2008
The Daar Communications Plc initial public offering (IPO), the first broadcast sector share offer in Nigeria, opened February 25, 2008 and will close on March 31, 2008. The share offer principally aims to raise funding< for a major facilities expansion and upgrade project and for content procurement. A key component of the proceeds (some 46%) is targeted at the deployment of a digital multi-channel platform that will re-position the network for the digital television era. Read more...
Rogue Trader Dips French Bank in Hot Water 25.01.2008
In what looks like a replay of the Barings Bank saga, top French bank Societe Generale has been hit by a huge trading fraud that is costing it some 5 billion Euros. A 31-year-old trader with the bank had accumulated heavy positions in equities derivatives, creating huge exposures for the bank and using extensive fictitious hedging to conceal the damage he was inflicting. Read more...
Washington Shows Class: Takes Steps to Boost Economy 25.01.2008
If you are looking to see how seriously a government should take economic management and the stimulation of growth of its national economy, Washington is probably the best place to beam your attention at this point. The US government has initiated a bold move to reign in on fears about a possible economic recession. President Bush Thursday announced a package of proposed incentives to provide a boost to the US economy.Read more...
World Bank Offers Expanded Power Reform Support to Nigeria 25.01.2008
Obviously deeply concerned about the debilitating impact of the yawning power supply deficiency in Nigeria, the World Bank has offered to expand its support beyond funding. The bank is bundling in sector reform technical assistance to facilitate a speedy and accountable approach to tackling the problem. Read more...
Nigeria's Oceanic Bank in Mega Q1 Performance, UBA Impressive, too. 07.01.2008
Banks seem to capture all the business and financial headlines in the Nigerian market, these days. Try as you would to play down on the sector and possibly beam more on what happens in other sectors of the economy, they find a way of throwing up developments that cannot be ignored. Such is the sterling first quarter performance just released by Oceanic Bank, a bank that has grown steadily from a modest background to now becoming truly trail-blazing. Read more...
The First Inland Bank Share Offer: Good Buy? 04.01.2008
It certainly won't be news to you again that Nigeria's First Inland Bank Plc is in the capital market to raise additional capital to the tune of N100 billion through an offer for subscription and a rights issue. What possibly will matter now is an evaluation of the offer as to how good an investment it presents. Read more...
AIICO Insurance Offer Just Over One Week to Close 21.12.2007
The AIICO Insurance 2.5 billion shares public offer is only 10 days to its closure date, meaning that, if you would like to invest, time is gradually ticking away. AIICO is aiming to raise a net sum of N5.28 billion from the sale of the shares at the offer price of N2.20 per 50k share. That price represents a 36% discount on the N3.43 market price of the stock. Read more...
Third Generation Mobile Networks Open New Vistas for Nigeria 20.12.2007
Nigeria looks set for a significant leap in the tempo of economic activities as major mobile network operators just announced the commercial launch of third generation mobile networks. MTN Nigeria, the frontline GSM service provider, is clearly upbeat about its new 3.5G network, gleefully announcing that "the future is here". Read more...
Diamond Bank Extends $400 Million Domestic GDR Offer 3.12.2007
The US$400 million Diamond Bank Global Depository Receipts offer to the domestic market, earlier billed to close December 4, 2007, has been extended by one week. It now closes December 10, 2007. Read more...
Housing Shortage in Nigeria Escalates 3.12.2007
If you thought that the housing stock in Nigeria was improving relative to demand, you are absolutely wrong. The supply gap is, in fact, increasing, meaning that more and more citizens are left without meaningful housing provision. That was the import of the recent presentation of the Managing Director and Chief Executive Officer, Federal Mortgage Bank of Nigeria (FMBN), Mr. Moses Ataghar, at a seminar in Lagos. He painted a bleak picture of a deteriorating housing delivery situation, with no immediate solution in sight. Read more...
Cornerstone Insurance Announces Receipt of Escrowed Recapitalisation Funds 30.11.2007
In what appears to mark the beginning of a new phase of operations for the company and the insurance industry in Nigeria, Cornerstone Insurance Plc yesterday announced the receipt of a substantial part of its recapitalisation funds, escrowed with the Nigerian Central Bank. According to the leading insurance company, it has received N3.8 billion out of a total of N4.3 billion previously held by the Central Bank. Read more...
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